Nov 4, 2020, 11:52 AM
Journalist ID: 1842
News Code: 84098509
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EAEU: Trade with Iran on growing trend despite pandemic

Tehran, Nov 4, IRNA – Eurasian Economic Union announced that despite the critical situation created by the pandemic in the region and the entire world, Iranian trade with the EAEU is on growing trend, Kyrgyzstan’s Khabar24 said on Wednesday.

Kyrgyzstan TV said quoting the EAEU Commission that Iranian trade with the EAEU has increased to two billion dollars, showing 2% increase over the past eight months of 2020 compared to the same period of 2019.

The EAEU Commission said that a part of the increase in trade has been due to Iran’s import of farming products by $230 million dollars.

It added that raw materials of farming products and food are on top of the exports of EAEU to Iran with $939 million. They are 80% of the export to Iran.

In turn, Iran’s export to the EAEU members was $575 million of fruits and dried fruits.

The EAEU is an economic union of states located in central and northern Asia and Eastern Europe. 

The Treaty on the Eurasian Economic Union was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on 1 January 2015.

Treaties aiming for Armenia's and Kyrgyzstan's accession to the Eurasian Economic Union were signed on 9 October and 23 December 2014, respectively. Armenia's accession treaty came into force on 2 January 2015. Kyrgyzstan's accession treaty came into effect on 6 August 2015. It participated in the EAEU from the day of its establishment as an acceding state.

On 28 October 2019, Iran formally became part of an initial Free Trade Agreement (FTA) with the EAEU. The agreement means that Iranian producers and exporters will be able to export their goods under lesser tariffs, leaving a higher profit margin for them. 

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